Robinhood's Election Contracts Hit 200 Million Trades On Election Day

On Tuesday, the recently launched 2024 election contracts on Robinhood Markets Inc (NASDAQ:HOOD) surpassed the 200 million milestone.

On Monday, Robinhood CEO Vlad Tenev shared on X that the company passed 100 million contracts traded in less than a week since launching election contracts.

As per an emailed statement to Benzinga, Robinhood said it reached 200 million contracts.

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Robinhood’s election contracts are available to select U.S. users who comply with citizenship requirements.

Robinhood’s 2024 election contracts showed Donald Trump as the frontrunner at 57 cents, with Vice President Kamala Harris trailing at 45 cents. Winning candidate contracts will pay out $1 each.

Robinhood’s election contracts add a new investment avenue for users alongside stocks, options, and cryptocurrency.

Interest in prediction markets for the 2024 election has soared, with Polymarket and Kalshi attracting bets from around the world.

Polymarket is only available to users outside the U.S. Kalshi is regulated by the Commodity Futures Trading Commission in the U.S.

Price Action: HOOD stock is up 2.42% at $24.91 at the last check on Tuesday.

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This article Robinhood's Election Contracts Hit 200 Million Trades On Election Day originally appeared on Benzinga.com

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